The shares of Burger King India are being offered in the price band of Rs 59-60 per share
Burger King's Rs 810 crore initial public offering (IPO) received a strong response from the retail investors. The quick service restaurant chain's public issue was subscribed 9.38 times on December 2, the second day of bidding. The primary offer was subscribed 37.84 times in the retail category, 2.70 times in the qualified institutional buyers (QIB) portion and 3.61 times in the non-institutional investors (NII) category. The IPO will close for bidding on December 4. The shares, which are being offered in the price band of Rs 59-60 per share, are likely to be listed on the BSE Sensex and NSE Nifty on December 14.
The IPO was oversubscribed (more than three times) on the first day itself, making it the sixth IPO this year to be fully subscribed on the first day of bidding, following in the footsteps of Happiest Minds Technologies, Route Mobile, Chemcon Speciality Chemicals, Mazagon Dock and Likhita Infrastructure.
Burger King's initial public offer (IPO) involves fresh issue of equity shares amounting to Rs 450 crore and an offer for sale worth Rs 360 crore by the promoter QSR Asia. The company has already raised Rs 91.92 crore from Amansa Investments in a pre-IPO placement at a price of Rs 58.50 per share.
One can place bids for a minimum one lot of 250 equity shares and in multiples thereof, up to 13 lots. The retail investors can therefore apply for maximum 3,250 equity shares at higher end of the price band.
Burger King India intends to utilise the IPO proceeds to open company-owned restaurants and for general corporate purposes. It plans to establish around 700 restaurants, including sub-franchised outlets, by December 31, 2026.
